PIAS continues to grow in Europe.

PIAS, a European indie giant, has released its annual report and financial statement for 2017.

The company, which operates 19 offices around the world, revealed a turnover of £35.5 million ($47.9 million at the historical conversion rate) for the year ending December 31st, 2017. The Companies House filing reveals an 18% year-on-year increase in revenue.

Attributing the growth to streaming music, the report reads,

“PIAS had a successful year with growth in both physical and digital turnover due to a strong release schedule and a significant growth in streaming revenues.”

In addition, PIAS reported a 24% increase in digital revenue to £15.1 million ($20.4 million). In 2016, the company reported £12.2 million in total digital turnover ($15 million at the historical conversion rate).

Revenue from outside the UK and in Europe remain a significant part of the turnover. The latter accounted for 36% of turnover at £12.8 million ($17.3 million). The UK represented 45% at £16 million ($21.6 million).

Two years ago, PIAS acquired Inertia, an Australian label and distributor. The filing reveals the deal cost £1.4 million ($1.9 million). Inertia’s revenue totaled £3 million ($4.1 million), with £61,000 ($82,368) in losses for the label.

The company’s staff also increased to 140, up from 2016’s 114.

Under principal risks and uncertainties, PIAS confirmed it seeks to sign new artists and retain its existing artist roster. The company also aims to offer sales, marketing, and distribution services to other labels. PIAS admitted its performance remains wholly dependent on the success of its new signings and on continued growth of its catalog.

The company’s 2018 turnover will be affected by the decline of physical sales and growth in digital streaming revenue. PIAS will benefit from the growth of streaming in Europe and in other emerging markets.